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India has a huge amount of room for online businesses. Indian Market is a great place for online businesses, especially since the pandemic. You need to know about GST and GST Registration if you want to start an online business or move your current business online. Let’s talk about what you need to know about GST for an online business.
What is GST?
Goods and Services Tax is what GST stands for. In India, GST is a system of indirect taxes that all businesses need to know about and follow.
GST Registration is the process of becoming a part of GST.
In simple terms, GST Registration Online is the process by which taxpayers sign up for Goods and Service Tax and get a Goods and Service Tax Identification Number (GSTIN).
What is GSTIN?
The GSTIN works in a way that is similar to how the TIN or Service tax registration number did. It gives each registered taxpayer a unique number.
According to the GST Regulations, all taxpayers who are registered with GST are now brought together on a single platform. With the GSTIN, taxpayers can be in compliance on the single GST portal.
GST Registration is another name for the process of getting a GSTIN.
Importance of GST Registration in Online Business
Every e-commerce aggregator is required to have GST Registration.
Only if you are registered under GST can you sell your products on sites like Amazon, Flipkart, Meesho, etc.
Input Service Distributors, Agents of Supplies, Non-Resident Taxable Persons, and Casual Taxable Persons all need to have a GSTIN.
Businesses that sell goods across state lines must also be registered for GST.
Online businesses with annual sales of more than 20 Lakhs or, in some states, 10 Lakhs must also register for GST.
Stepwise Procedure to get GST Registration for Online Business
Go to https://www.gst.gov.in/ to see what the government has to suggest about GST.
Click the “Register Now” button under the “Taxpayers” tab.
Fill out the required information on the Registration page.
Check the OTPs that you got on your phone and email.
Write the TRN down (Temporary Reference Number).
Go back to the GST Portal and use your TRN to log in.
Consult a CPA, a tax consultant, or a GST practitioner, and then fill out and send in the GST Registration Online Application Form.
Register your Digital Signature Certificate, verify it, and send in your GST Application form.
Follow the application’s status.
After getting approved, you can follow the steps below to download the GST Registration Certificate: How to Get GST Registration Certificate Online
Document Requirement for GST Registration for Online Business
PAN card
Aadhaar card
Bank account statement and cancelled check as proof of business address.
Proof that a company was formed or that a business was registered
Digital Signature Certificate: ID proof, proof of address, and a picture of the director or promoter
Authorization letter or board resolution from the person who is allowed to sign.
Benefits of GST Registration for Online Business
How to Register for GST and GST Returns are filed online only.
Simplifies the way business is done and makes sure everything is clear.
After you sign up for GST, it’s easy to run an online business because there are fewer indirect taxes. GST Registration for Online Business also gives you credibility.
For their GST compliance, online businesses can use an Online Bookkeeping and Accounting Service.
When GST laws, procedures, and tax rates are the same across the country, it costs less to follow them.
Under GST, businesses can also use the composition scheme.
Under the GST regime, E-Commerce businesses have clear rules to follow and high standards for how things should be done.
There are fewer rules about how things can be moved from one state to another.
Input Tax Credit can be done online for online businesses.
Both changing GST and cancelling GST are easy and can be done online.
Contact Us for GST Filing & GST Registration
Call us on +91-8943229346
See GST Filing Packages on https://www.gstsuvidhakendras.org/gstmonthlyfiling/
See GST Registration Packages on https://www.gstsuvidhakendras.org/gst-registration-service/
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Tag : GST Filing, GST Registration, TDS Filing